UPDATE: FG SET TO COMMENCE PRESIDENTIAL PALLIATIVE PROGRAMMES

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In a statement revealed by Doris Uzoka-Anite, Minister for industry, trade and investment. The Federal Government in an attempt to alleviate the impact of fuel subsidy removal has announced the kick-off of the Presidential Conditional Grant Programme and the Presidential Palliative Loan Programme.

It was revealed that the Federal Government will disburse a grant sum of N50,000 to nano businesses across the 774 local government areas in the country for the Presidential Conditional Grant Programme.

It further said the Federal Government, through the Federal Ministry of Industry, Trade and Investment and Small and Medium Enterprises Development Agency of Nigeria, will collaborate with state and local governments, federal legislators, federal ministers, banks and other stakeholders.

In accordance with the statement, eligible nano business beneficiaries must be willing to provide proof of residential/business address in their Local Government Area, and provide relevant personal and bank account information, including Bank Verification Number for verification of identity.

It said the Federal Government will similarly disburse N75 billion to Micro, Small and Medium-sized Enterprises (MSMEs) across various sectors and N75 billion specifically to Manufacturers for the Presidential Palliative Loan Programme.

The statement said: “While MSMEs can access loan facilities up to N1 million with a repayment period of three years, manufacturers can access up to N1 billion to access financing for working capital with a repayment period of 1 year for working capital or five years for the purchase of machinery and equipment.

“MSMEs and manufacturers can apply for the loans by submitting their application on the portal provided for the programme. The facility would be accessed through their banks, and applicants would be required to meet the risk assessment criteria of their respective banks.

“As part of its commitment to promote economic development, entrepreneurship and financial empowerment, the Federal Government believes these initiatives will encourage entrepreneurship and job creation.

Eligible beneficiaries are required to get more information and apply at https://www.fedgrantandloan.gov.ng.